Victor J. Blue/Bloomberg via Getty Images

CBO: Joe Biden's minimum wage hike would kill 1.4 MILLION jobs



A government analysis of the proposal from Democrats to increase the minimum wage to $15 an hour says that it would cost the economy 1.4 million jobs if implemented.

The startling analysis was released Monday by the nonpartisan Congressional Budget Office (CBO).

The jobs would be lost cumulatively over four years because the proposal would gradually raise the minimum wage from $7.25 to more than twice that amount by 2025.

The report said, "17 million workers whose wages would otherwise be below $15 per hour would be directly affected, and many of the 10 million workers whose wages would otherwise be slightly above that wage rate would also be affected."

The CBO found that in addition to those who would lose employment, another 900,000 people would be brought up above the poverty line.

Also, revenues into the government would increase based on the proposal, but those would be offset by increases in spending due to the rise in the cost of products and services. It estimating raising the minimum wage would increase the government's deficits by $54 billion over 10 years.

Republicans have opposed the proposal, especially at a time when so many have already lost their jobs over the shutdown from the coronavirus pandemic.

"In Iowa, [a $15 minimum wage] would hammer our small business, when they are trying to get back on their feet, they are most vulnerable right now," said Republican Sen. Joni Ernst (Iowa).

Despite making it a plank in his 2020 presidential platform, Biden signaled in an interview Sunday that the proposal would likely be abandoned in current legislation being negotiated by Congress.

"My guess is it will not be in it," Biden said. "I don't think it is going to survive."

Here's more about the minimum wage proposal:

How raising the minimum wage to $15/hr would impact the economy and workerswww.youtube.com

Biden’s energy secretary nominee admits some jobs may be 'sacrificed' to achieve climate agenda



President Biden's nominee for energy secretary, Jennifer Granholm, admitted Wednesday during her confirmation hearing that some jobs in the oil and gas industry may be "sacrificed" as a part the administration's climate agenda.

What happened?

The exchange began when Republican Sen. John Barrasso (Wyo.), the ranking member of the Senate Committee on Energy and Natural Resources, noted that tens of thousands of jobs could be lost in states like New Mexico, Wyoming, and Colorado if Biden's new executive order pausing oil and gas leases on federal land is extended.

"A long-term ban on oil and gas leasing would cost about 62,000 jobs in New Mexico ... about 33,000 jobs in Wyoming, and about 18,000 jobs in Colorado," Barrasso assessed, before directing the question at Granholm.

"I'm just curious how a long-term ban consistent with the president's goal of unifying our country and putting Americans back to work and helping our economies grow, how is that all consistent?" he said.

In response, Granholm stated, "I think the president's plan of building back better would create more jobs in energy, clean energy, than the jobs that might be sacrificed."

Then, as if she suddenly realized she had admitted something she shouldn't have, Granholm demurred, adding, "But I will say this, no job — we don't want to see any jobs sacrificed."

Biden Energy Sec Nom Granholm: “Jobs That Might Be Sacrificed" W/ Biden's Federal Lands Fracking Ban www.youtube.com

The energy secretary nominee then further addressed the contract pause on public lands by saying, "For those states that have these jobs in abundance is something we're going to have to work on together to ensure that people remain employed."

What else?

Later in the hearing, Granholm made sure to express sympathies to those workers who may find themselves out of jobs due the climate-conscious goals of the Biden administration.

"I totally get the concern about job losses. Totally," she said.

Her comments were certainly not out of line with what other Biden administration officials have been saying in recent days.

When pressed on the issue during a press conference Wednesday, Biden's climate envoy John Kerry assured that oil and gas workers displaced from their jobs over the next four years would have "better choices" ahead of them — like making solar panels.

Biden's transportation secretary nominee, Pete Buttigieg, echoed a similar sentiment during his confirmation hearing, saying he and the administration "are very eager to see those workers continue to be employed in good-paying union jobs, even if they might be different ones."